Goldman Sachs’ global head of financial sponsors, Milton Berlinski, is retiring from the bank at the end of December according to a leaked internal memo.
As a result of his departure, Pete Lyons has been promoted to co-head of the bank's sponsors team in the Americas, which he will manage alongside Alison Mass. Lyon became a partner in 2006 and has extensive experience in the bank's leveraged finance and financial sponsor coverage teams, both in New York and also in Dubai where he led MENA coverage between 2008 and 2010.
The departing Berlinski, now 55, became global head of financial sponsors in 2007, a position which placed him at the epicentre of the bank’s work with private equity firms.
“Milton played a significant role in the development of our financial sponsors franchise and is responsible for some of the firm’s most important relationships with private equity firms and hedge funds,” the memo said.
He has been particularly proactive with some of the larger US groups, including Cerberus Capital Management, TPG Capital, Thomas H Lee Partners and Apollo Global Management.
Berlinski joined Goldman in 1986 from rival Merrill Lynch as a vice president in the bank’s mergers and acquisitions group. Later that year, he helped to found Goldman’s Financial Institutions Group, serving as its vice chairman until 2002. He was made a partner in 1996.
Between 1999 and 2004, he was head of Goldman’s Strategy and Corporate Development Group, the memo said, and in 2001 assumed responsibility for firm-wide strategy. In 2002 he took leadership responsibility for the Financial Sponsors Group, before being named global co-head in 2005 and then global head in 2007.
Goldman’s European press office was unable to comment at press time on his future intentions or his replacement. He owns a majority stake in fabric company Uretek, as well as stakes in three restaurants in the US. He reportedly plans to open two more in New York.